By Nathania Zevi

After Mr. Ferré passed away in 2007, the brand’s parent company IT Holding SpA went into government-backed bankruptcy administration in 2009. The brand functioned under bankruptcy receivership until Dubai-based retailer Paris Group bought the Italian label in March.

Now, just seven months later, the house’s future is in question again after allegations of mismanagement under the new owners.

According to a source close to the situation, Paris Group has fired three executives, including the chief executive, and the business seems to be evaporating.

The new owners have not appointed new designers after dismissing the incumbent design team before the Spring/Summer 2012 fashion shows. They have missed payments to suppliers and not launched promised initiatives to revamp the brand. The bankruptcy administrators have received over 160 letters from angry suppliers and unions representing companies and suppliers who haven’t been paid, according to the source.

Several attempts to reach representatives at Gianfranco Ferré and Paris Group failed. Ferré’s communication director was among the fired executives.

Less than a month ago Ferré’s Spring/Summer 2012 collection was created by freelance designers Stefano Citron and Federico Piaggi and presented at Milan’s fashion week. But, according to a source familiar with the matter, orders are being canceled or delivered with huge delays.

Now, the state-appointed bankruptcy commissioners have asked the Italian government to summon the new owners for allegedly not adhering to the contract they signed detailing the terms of the takeover, according to the source.

If the situation doesn’t improve, the state could revoke the sale, leaving Ferré without an owner again after its year-long search.

Paris Group executives were a no-show at a first meeting on October 10 with Italy’s Ministry of Economic Development. Instead, a lawyer requested an extra month, pushing the meeting back to Nov. 10. In the meantime, the Ministry and the commissioners sent a legal notice to Paris Group preventing them from moving assets before the meeting takes place.

After the meeting takes place, and if Paris Group fails to fix the problems, the state and the bankruptcy administrators will evaluate their options. Italy could revoke the sale, putting Ferré on the block again. Or Paris Group could put the house up for sale after reaching an agreement with the commissioners.

The government and the commissioners have also received several expressions of interest from potential buyers, lured by the opportunity to buy the maison at a cheap price.

But it’s difficult to ascertain how serious the offers are. After all, at Ferré’s last bargain bankruptcy sale, Paris Group was chosen as the most viable owner.

Comments (2 of 2)

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